Schroeders soar to the top Stoke 600 On Thursday, US fund management giant Nuveen said it would acquire the UK’s largest independent asset manager, hitting a 52-week high.

The £9.9 billion ($13.5 billion) deal will create one of the world’s largest asset management groups.

Nuveen, the investment management arm of pensions and insurance group Teachers Insurance and Annuity Association of America (TIAA), will acquire Schroders for 612 pence per share.

The deal will create a global fund management giant with nearly $2.5 trillion in assets under management, including $414 billion in total private market assets.

Shares of London-listed Schroders rose more than 28% in early trading after the news was announced.

Under the agreement, the Schroders brand will be retained and the company’s headquarters will remain in London. Schroders was founded in 1804 and currently manages approximately £824 billion of assets, nearly two-thirds of which are in Europe, the Middle East and Africa.

Nuveen manages approximately $1.4 trillion in assets, 94% of which are located in the Americas.

Schroders Chairman Elizabeth Colley said in a statement that the deal would provide shareholders with an “attractive cash premium.”

Group chief executive Richard Oldfield added that the deal would “significantly accelerate our growth plans to create a leading public-private partnership platform, expand geographical coverage and strengthen the balance sheet.”

“This transaction is designed to unlock new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public and private platform broader global reach,” said Nuveen CEO William Huffman.